Read Lance Armstrong's entire Livestrong resignation statement

Lance Armstrong announced Wednesday that he will be stepping down as chairman of the Lance Armstrong Foundation, better known as Livestrong, the organization he started in 1996 to raise money for cancer research. In the ensuing years, Livestrong raised approximately $500 million. Armstrong's statement:

"In 1996, as my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer. It has been a great privilege to help grow it from a dream into an organization that today has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors. This organization, its mission and its supporters are incredibly dear to my heart.

"I am deeply grateful to the people of the foundation who have done such hard and excellent work over the last 15 years, building tangible and effective ways to improve the lives of cancer survivors. And I am deeply humbled by the support our foundation has received from so many people throughout the world -- survivors, world leaders, business leaders and of course, the cancer community itself. We turn to this community frequently for guidance and collaboration to achieve our shared goals. They are unfailingly generous with their wisdom and counsel and I can never thank them enough.

"I have had the great honor of serving as this foundation’s chairman for the last five years and its mission and success are my top priorities. Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.

"My duties will transfer to Vice Chairman Jeff Garvey who will serve as chairman. Jeff’s guidance and wisdom have been critical to shaping the foundation’s work since its earliest days. Jeff was this organization’s founding chairman and I have full confidence that under his leadership, the foundation will continue expanding its ability to serve cancer survivors.

"My family and I have devoted our lives to the work of the foundation and that will not change. We plan to continue our service to the foundation and the cancer community. We will remain active advocates for cancer survivors and engaged supporters of the fight against cancer. And we look forward to an exciting weekend of activities marking the 15th anniversary of the foundation’s creation."